However, my mortgage broker said I can't refi them for an equity pull because of Fannie Mae restrictions.She said I could refi them into a commercial loan, but I think my cash flow would greatly suffer because of a shorter amortization timeframe.

(as there are every where) You would just need to spend a good amount of time really learning the area and being comfortable with all the forces at play where you eventually decide to pull the trigger. 

They can pull their own reports. 

I hope to pull the trigger in one of these markets with my first investment property this year, so it shall be determined as to whether the rational hold true.

After the rehab, the company finds a tenant, and then we can refinance and pull 70-80% of the equity out depending on which lender we work with.The information we received is below.  

They are high volume and don't have the time and resources to pull title on 100+ properties a week.

This would allow you to pull out some $$ immediately to move on to your next project. 

You will want to make sure you get it from the source.If you allow tenants to bring their own reports, then likely they will all look good.The good tenants will have good credit and bring you their report.The bad tenants will have bad credit and edit their report to make it look good (really easy to do if they pull it themselves).The problem for you will be:  Who are really the good (report) tenants?

The investor would be a passive manager, and we would split the profits 50/50.In this scenario, would it make more sense to utilize the "cash out refinance" strategy (purchasing a property all cash, renting it out, getting it appraised, pulling all the equity out, and repeat) OR would simply getting multiple conventional loans be better? 

I am very new to this, but want to educate myself on the knowledge i need to be able to pull the trigger on my dream of being in real estate investing and residential redevelopment company for my community.